Posted by OilVoice Press - OilVoice
NEW YORK, NY, – Petro River Oil Corp. (OTCBB: PTRC) (“Petro River” or the “Company”) is pleased to provide an update on the development activities on its core acreage in Osage County, Oklahoma.
After the initial discovery of the West Blackland Field in June 2017, the Company has built roads installed flowlines and constructed a central processing facility with a 1,800 BOPD capacity. Current gross daily production is 120 BOPD. In the past three months, 8 successful development wells have been drilled with two additional wells currently drilling and a number of well completions underway. On the basis of this drilling program, the Company has earned the right to extend its 100,000+ acre Concession with the Osage Tribe for an additional year.
The discovery well in the West Blackland Field (#1-3) has produced over 7,500 barrels in the past 7 months and is on track for an 8-month payback. Within the next 60 days the Company expects to report stabilized production rates and independent reserve estimates at the West Blackland Field, with all currently-drilled wells completed and producing.
In addition, the Company has filed permits for a new exploration well which, if successful, could result in a new field discovery potentially much larger than the West Blackland Field, and currently expects to have results from this well in June.
The Company has recently signed a contract for the acquisition of a modern, state-of-the-art 20 square mile 3D seismic survey to be conducted this summer in the western portion of its concession adjacent to a prolific producing trend. The West Blackland Field discovery was made on the basis of reprocessed, older vintage, low-quality 3D seismic data.
Stephen Brunner, the President of Petro River, stated “Based on our success in the West Blackland Field, we anticipate positive cash flow generated from operations during the current quarter ending April 30, 2018. With the recent capital restructuring behind us, current production of 120 BOPD (90 BOPD net to the Company) increasing on a weekly basis and generating positive cash flow, additional exploration and development wells scheduled and a 20 square mile 3D seismic survey planned for late summer, we believe Petro River is positioned for substantial growth this year.
Visit source siteOTCBBPetro River OilWellsWest Blackland FieldOklahomaonshoreUnited StatesUS